Title: AN ACT TO CREATE THE DAIRY INDUSTRY STABILIZATION ACT FOR THE PURPOSE OF REVITALIZING THE DAIRY INDUSTRY AND INCREASING OUTPUT OF DAIRY PRODUCTS IN THE STATE BY PROVIDING FINANCIAL ASSISTANCE TO DAIRY PRODUCERS; TO CREATE THE DAIRY INDUSTRY STABILIZATION FUND; TO PROVIDE THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY SHALL ADMINISTER SUCH FUND FOR THE PURPOSE OF MAKING LOANS TO DAIRY PRODUCERS TO ASSIST IN COMPLETING CERTAIN PROJECTS TO RESTORE HURRICANE KATRINA DAMAGED DAIRIES, UPGRADE EQUIPMENT AND REFINANCE DEBT; TO AUTHORIZE THE ISSUANCE OF $10,000,000.00 IN STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE DAIRY INDUSTRY STABILIZATION FUND; TO AMEND SECTION 69-2-13, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY MAY MAKE LOANS FROM THE EMERGING CROPS FUND TO AGRIBUSINESSES ENGAGED IN POULTRY PRODUCTION OPERATIONS FOR THE PURPOSE OF ASSISTING SUCH AGRIBUSINESSES TO MAKE UPGRADES, RENOVATIONS, REPAIRS AND OTHER IMPROVEMENTS TO THEIR EQUIPMENT, FACILITIES AND OPERATIONS; TO REQUIRE PERSONS APPLYING FOR LOANS TO HAVE A WRITTEN LETTER OF AGREEMENT FROM A CONTRACTING POULTRY COMPANY TO COMPLY WITH TERMS OF THE TEN POINT AGREEMENT; TO DIRECT THE MISSISSIPPI DEVELOPMENT AUTHORITY TO PROVIDE FOR A PROGRAM OF LOANS TO AGRIBUSINESSES THAT SUSTAINED A CERTAIN AMOUNT OF DAMAGE AS A RESULT OF A NATURAL DISASTER THAT OCCURRED IN CALENDAR YEAR 2005 AND FOR WHICH A PORTION OF THE DAMAGE WAS NOT REIMBURSED BY INSURANCE; TO SPECIFY THE CONDITIONS THAT AN AGRIBUSINESS MUST MEET TO BE ELIGIBLE FOR A LOAN UNDER THE PROGRAM; TO SPECIFY THE MAXIMUM AMOUNT OF A LOAN THAT MAY BE MADE TO AN AGRIBUSINESS UNDER THE PROGRAM; TO SPECIFY THE PURPOSES FOR WHICH THE PROCEEDS OF A LOAN MAY BE USED; TO PROVIDE THAT MONIES TO MAKE THE LOANS UNDER THE PROGRAM SHALL BE DRAWN FROM THE EMERGING CROPS FUND AND SHALL NOT EXCEED $10,000,000.00 IN THE AGGREGATE; TO PROVIDE THAT NO INTEREST SHALL BE CHARGED ON LOANS MADE UNDER THE PROGRAM; TO AMEND SECTION 69-2-19, MISSISSIPPI CODE OF 1972, TO INCREASE THE MAXIMUM AMOUNT OF STATE GENERAL OBLIGATION BONDS THAT MAY BE ISSUED TO PROVIDE FUNDS FOR THE EMERGING CROPS FUND BY $10,000,000.00; TO BRING FORWARD SECTIONS 69-2-15, 69-2-17, 69-2-21, 69-2-23, 69-2-25, 69-2-27, 69-2-29, 69-2-30, 69-2-31, 69-2-33, 69-2-35, 69-2-37, 69-2-39, 69-2-40 AND 69-2-41, MISSISSIPPI CODE OF 1972, WHICH ESTABLISH THE EMERGING CROPS FUND, FOR PURPOSES OF AMENDMENT; AND FOR RELATED PURPOSES.

Information pertaining to this measure was last updated on 02/21/07 at 15:45.